International law firm Watson Farley & Williams (“WFW”) advised Tamesis Partners LLP (“Tamesis”) as lead-manager and Mirabaud Securities LLP (“Mirabaud”) as co-manager on the placing of 11.5 million new ordinary shares at a price of 28p by Prairie Mining Limited (“Prairie”) to raise £3.2m for the development of its Polish coal projects.
Prairie is a multi-project coal development company focussed on the development and operation of the Debiensko Hard Coking Coal Project in Upper Silesia and the Jan Karski Mine in the Lublin Coal Basin.
The net proceeds from the placing will enable Prairie to retain a strong balance sheet, accelerate the development of its Debiensko Hard Coking Coal Project and fund advance pre-construction work at Jan Karski once it successfully completes a Bankable Feasibility Study in the second half of 2017.
Founded in 2016, London-based Tamesis is a specialist ECM and advisory house with a focus on the mining sector. Mirabaud is a Swiss asset management group with offices in in Geneva, Zurich, Luxembourg, Paris, Madrid, Barcelona, London, Milan and Dubai.
Jan Mellmann, London Head of Corporate and Head of WFW’s Global Natural Resources Group, and Corporate Senior Associate Sarah Williamson advised Tamesis and Mirabaud on this transaction.
Jan commented: “I’m delighted Tamesis and Mirabaud selected us to advise them on this important transaction, which will help Prairie achieve its aim of becoming Europe’s next strategic coking coal supplier through the advancement of two Tier 1 coking coal projects in Poland. It is encouraging to see increased fundraising activity in the mining sector during the early part of 2017 which WFW is well placed to assist with given our expertise in the mining and natural resources sector”.